Stablecoin Surpasses Ethereum in Market Value Amid Price Crash
Tether’s USDt stablecoin surpassed Ether in market capitalization on Friday as ETH plummeted to $1,510, its lowest price level in 2026. Ether’s 5.2% crash over 24 hours pushed its market cap below $185 billion, while USDt reached $186 billion, marking a significant shift in the hierarchy of major crypto assets.
The flip underscores a structural shift in market preferences. Stablecoins now represent almost 15% of the entire crypto market capitalization, a stark contrast to the last bear market when they retracted more than 30%. In the current cycle, stablecoins are hitting record highs despite broader volatility.
Andri Fauzan Adziima, research lead at Bitrue Research Institute, attributed the move to investor behavior. “[The] stablecoin overtake really highlights how the market still favors stability over ETH’s volatility right now,” Adziima said.
21Shares, a cryptocurrency firm, framed the milestone as evidence of stablecoin maturation. “To us, that is the strongest evidence yet that stablecoins are one of crypto’s defining use cases – demand that no longer depends on the cycle,” the firm said.
South Korea Fines Bithumb Over Data Transfers
South Korea’s Personal Information Protection Commission (PIPC) fined Bithumb 210 million won, equivalent to approximately $136,000, for sharing user data with 13 overseas exchanges without authorization. Between September and November 2025, Bithumb transferred Tether USDt order book data to BingX, according to regulatory findings.
The PIPC acknowledged that sharing certain information may be necessary to comply with anti-money-laundering requirements for crypto transfers, but ruled that Bithumb failed to obtain proper consent. The fine marks the latest regulatory action against the exchange, which was previously hit with a six-month business suspension by South Korea’s financial watchdog over alleged Financial Information Act violations. A court later overturned that sanction. Police also raided Bithumb’s offices in June as part of an investigation into alleged nepotism involving lawmaker Kim Byung-gi.
SBI to Acquire Full Control of Bitbank
SBI Holdings agreed to acquire full control of Bitbank for 46.7 billion Japanese yen, approximately $289 million. The transaction would create Japan’s biggest crypto exchange and is expected to close around October, subject to regulatory clearance.
Bitbank CEO Noriyuki Hirosue will remain in his position following the acquisition. SBI previously disclosed the initial deal in May. The combined entity will oversee 1.1 trillion yen in assets under custody across SBI VC Trade and Bitbank, serving 2.92 million combined crypto accounts.
Bitbank’s daily trading volume has hovered below $50 million for most of the last four months. The BTC/JPY pair dominates the exchange’s volume at 39.5%, while XRP/JPY and ETH/JPY pairs each account for 19.7%.
